Solana (SOL) continues to give strong bullish signals by holding above the critical $120 support level. Crypto analysts predict that the altcoin could reach $350 in the mid-term. The growth of DeFi and the web3 ecosystems is further boosting Solana’s future potential.
Having shown impressive performance in recent months, Solana (SOL) has remained above the crucial $120 support level since April, signaling confidence among investors. This stability suggests that a bigger breakout may be on the horizon, especially for patient investors who have held on during the consolidation phase. Solana appears to be sending clear signals that it may soon reach a new all-time high.
With a fully diluted market cap nearing $99 billion and a daily average trading volume of $3.8 billion, SOL has solidified its place among major altcoins. After a 6% gain in the last 24 hours, Solana traded at $170 early on Monday, October 21, outperforming crypto giants like Bitcoin (BTC) and Ethereum (ETH).
A Strong Long-Term Outlook for Solana
Solana’s recent price movements have outpaced Bitcoin (BTC) and Ethereum (ETH), reinforcing investors’ belief in Solana’s growth potential. Historically, a rise in market cap often indicates the flow of new capital, which may suggest an upcoming price surge.
Since the crypto market crash on August 5, Solana has shown steady recovery, breaking through key resistance levels. After repeatedly testing the $161 resistance, Solana managed to break through, sending a bullish signal to the market. This push has driven Solana’s Relative Strength Index (RSI) close to 70%, signaling a strong upward trend and increased investor appetite.
In the broader time frame, Solana’s price has formed a bullish pattern, retesting resistance along the logarithmic trend. According to analyst ZAYK Charts, if this momentum continues, Solana could reach a mid-term price target of $350.
Strong Fundamentals for Solana’s Growth
Solana’s growth is not just limited to price movements but is also reflected in its on-chain activity. The network’s total value locked (TVL) exceeds $6.4 billion, with Solana playing an active role in both the DeFi and NFT ecosystems. Additionally, with a $3.5 billion stablecoin market cap and an overall market cap of $11.5 billion, Solana holds a significant position in the crypto world.
The network’s on-chain activities are supported by high transaction volumes and a growing web3 ecosystem. While there is movement in sub-sectors like the meme coin market, Solana is expected to benefit from its rapidly expanding ecosystem. With a daily transaction volume of $2.6 billion, the Solana network offers a strong opportunity for investors.
As reported by Turkish NY Radio, Solana’s solid price performance and expanding ecosystem make it a promising player in the crypto market. With a potential price target of $350 in the mid-term, Solana is poised to be a major contender in the world of altcoins.
